Grubb & Ellis Selected to Lease and Sell 197,000 SF Office Property in Clearwater, FL

TAMPA, FL– Grubb & Ellis Company today announced that it has been selected as the leasing and sales agent for Centerpointe (top left photo), a 197,000-square-foot office property located at 16120 U.S. 19 North in Clearwater, Fla.

 Tom Kennedy (middle right photo), CCIM, vice president with Grubb & Ellis’ Office Group, will handle the marketing of the property.

The two-story, Class B property is strategically located on U.S. 19 in the heart of Pinellas County, providing easy access to both downtown Tampa and St. Petersburg as well as area airports.

 The property features 100,000-square-foot floor plates, fiber-optic capabilities and a 5.7 parking ratio, making it ideal for contact centers, shared services, business-process outsourcing, financial management, transaction processing or educational uses.

Amenities within walking distance of the building include restaurants, hotels and retail shopping. 

 Centerpointe is offering competitive lease rates of $10 per square foot, full service gross, and is being marketed for sale at a price of $6.5 million.

 For more information, please contact Tom Kennedy at 813.830.7892, tom.kennedy@grubb-ellis.com.

 Contacts:

       

 Monica Sparreo                     

312.698.6709             

monica.sparreo@grubb-ellis.com                  

 Karla Berkelhammer

407.481.5404

 karla.berkelhammer@grubb-ellis.com

Cousins’ American Cancer Society Center Becoming Data Center and Technology Hub in Atlanta

ATLANTA, GA– Cousins Properties Incorporated (NYSE: CUZ) will help meet the surging demand for data center and IT operation space with a downtown Atlanta building that once housed the headquarters of the 1996 Olympic Games.

Cousins is repurposing 170,000 square feet inside 250 Williams Street, also known as the American Cancer Society Center (middle right photo), from offices into data center space that will host computer servers and other hardware that power websites, crunch data and store information.

The moves should attract even more data centers to downtown Atlanta, a growing technology submarket. Regionwide, metro Atlanta already has parlayed its robust fiber infrastructure and a reliable power grid to snag more than 50 centers.

To attract new technology tenants to 250 Williams Street, Cousins has entered into a relationship with Colliers Technology Solutions. The Colliers team is skilled at understanding the high-tech needs of CIOs and their companies, including data center services.

The team is led by Tim Huffman (middle left photo), executive vice president and global director of the technology division, who has years of experience in data centers and managed services.

The one-million-square-foot American Cancer Society Center already is on the Georgia Power Fowler Network underground grid system, which has been a highly reliable source of power.

It also sits on a fiber ring with N+1 redundancy and features extensive fiber optics in all corners of the building. The building also is served by more than 27 fiber network providers, who supply the IP network infrastructure that is critical to data center operations.

Technology users have multiple locations for back-up generators, ample fuel storage and an advanced security system. The building can support IT operations with a 100-pound floor load per square foot, 12 to 14 foot ceiling heights, and multiple freight elevators and loading docks. These amenities could be considered surprising for an urban, non-industrial building in the heart of downtown Atlanta.

Purpose-built by John Portman & Associates, the nine-story building opened in 1989 as a computer mart, and was used by IBM and HP to display computer products. It later became Class A offices for Bellsouth.

 The Atlanta Committee for the Olympic Games chose the building for its headquarters, and for good reason: It’s located across the street from Centennial Olympic Park (lower left photo), the nexus of entertainment venues for the Games. InComm and Internap are both longtime tenants.

Contact:

Suzanne Rutledge

Jackson Spalding for Cousins Properties

 SRutledge@jacksonspalding.com

Final Plans Call For New 42-Story Condo In Miami's Brickell Area

 MIAMI, FL -- After months of industry speculation, Miami’s largest vertical condo developer - the Related Group with Jorge Perez (top right photo) - has formally announced plans to build a second condo tower in the Brickell Avenue Area of Greater Downtown Miami, according to a new report from CondoVultures.com.

Originally rumored to be a sequel to the proposed 28-story MyBrickell condo project with 192 units on Southeast Sixth Street, the final plans for the second condo tower – dubbed the 1100 Millecento Residences (middle left rendering)- call for 42 floors with 382 units at 1100 S. Miami Ave., according to a company statement.

With the 1100 Millecento project, the Related Group has publicly announced plans to develop seven condo towers with nearly 1,500 units – plus hotel rooms - in the tricounty South Florida region, according to the CondoVultures.com Preconstruction Condo Projects list.

“The Related Group has a three-decade-long history of identifying and developing for residential niches in South Florida,” said Peter Zalewsk (lower right photo)i, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“To see the Related Group announce a series of new condo towers stretching from Greater Downtown Miami to Downtown West Palm Beach in the last year suggests there is a strong demand going forward for new residential units that are appropriately priced.

“If the existing condo units from the recent South Florida crash continue to be consumed at a steady pace, the Related Group could be well positioned to capitalize on the region’s next building boom.”

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Marcus & Millichap Arranges $35.75 Million Multifamily Portfolio Sale in Atlanta

ATLANTA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold the Tempo Portfolio (top left photo), a 12-property 1,188-unit multifamily portfolio located on Buford Highway NE and Lenox Road NE in Atlanta.

The sales price was $35,752,395.

Paul Vetter (middle right photo) and Andrew Mays (middle left photo), vice presidents investments in the Atlanta office of Marcus & Millichap, represented the seller, Atlanta-based Tempo Properties. Vetter and Mays also represented the buyer, a prominent national real estate company based in Yakima, Wash. that currently owns more than 2,000 units in metro Atlanta. 

“The long-term investment appeal of the properties in this portfolio is primarily their outstanding locations,” says Vetter. “All are located within a one-mile radius of each other. The most notable site is Parkway Apartments, which is located at the intersection of Buford Highway and Lenox Road in Buckhead,” adds Vetter.

“In addition to their prime locations, the properties offer tremendous upside through new management, capital improvements, repairs and renovations,” says Mays. “The properties were held by the previous owner for between 30 and 40 years.

“Prior to our getting this transaction to an agreed upon LOI, the portfolio had been under contract with another buyer and an intermediary other than Marcus & Millichap,” Vetter continues. “The portfolio became available at the right time for both of our clients and we were able to close within 60 days.”

The properties in the portfolio are:

• Cabana Apartments, 33 buildings, 135 units (lower right photo) 
• Cross Keys Apartments, 16 buildings, 64 units (lower left photo) 
• Hallmark Apartments, 12 buildings, 154 units
• Parkway Apartments, 10 buildings, 111 units
• Tempo 2000 Apartments, 11 buildings, 128 units
• Continental Apartments I and II, 10 buildings, 158 units
• Dover Station Apartments, 13 buildings, 135 units
• Majestic I, seven buildings, 72 units
• Majestic II, three buildings, 62 units
• Monaco Apartments, eight buildings, 60 units
• Montego Apartments, 11 buildings, 108 units

“The Atlanta apartment market appears to be well positioned for additional declines in vacancy and steady rent growth over the next several quarters as the number of new construction starts remains historically low and prospective single-home buyers face stringent mortgage underwriting, high down payments and stagnant incomes that will keep them in rental housing for the foreseeable future,” Vetter concludes.

The Tempo Portfolio sale is part of a strong first quarter of metro Atlanta multifamily property sales for Mays and Vetter.

 In addition to the 12 properties in the Tempo Portfolio, the pair has brokered four other local transactions so far in 2012, including Bryton Hill, a 204-unit apartment property situated in the heart of the same submarket as the Tempo Portfolio: the intersection of Buford Highway and Clairmont Road. Bryton Hill sold for $6,625,000. The buyer was New York-based Peak Capital Partners.

The other three properties the two have transacted since the first of the year are 170-unit Water Vistas, Highland Woods, which has 224 units and 216-unit Falcon Ridge.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Top seniors housing investment sales team of Maconachy and Lavender joins HFF Dallas

  

 DALLAS, TX – HFF announced today that the team of Ryan Maconachy (top right photo) and Chad Lavender (middle left photo) has joined the firm’s Dallas office to lead HFF’s charge into the seniors housing investment sales business.  The two producers will be a part of HFF’s National Seniors Housing Group and will focus on seniors housing investment sales nationally. 

The team was responsible for more than $225 million in institutional seniors housing sales during the prior 12 months, including the largest single asset sale of 2011, The Carlisle Naples for $85 million in Naples, Florida.   

Mr. Maconachy, who joins HFF as a managing director has more than six years of experience in the seniors housing market and was most previously the national director of ARA’s National Seniors Housing Group.

 Prior to that, he was the vice president of acquisitions for a private equity firm that purchased seniors housing and multi-housing properties.  Mr. Maconachy holds a Bachelor of Business Administration degree in Finance and Marketing and a Masters in Business Administration from Loyola Marymount University’s Hilton School of Business.

Mr. Lavender, who will be a director at HFF, was also a producer and integral part of ARA’s National Seniors Housing Group.  Prior to ARA, he worked at Harwood International, most recently as the director of acquisition and dispositions.  Mr. Lavender graduated from The University of Alabama with a Bachelor of Finance degree.

“We are pleased to have Ryan and Chad as part of HFF’s National Seniors Housing team.  They bring with them a wealth of knowledge and client relationships in the seniors housing market, which we are looking forward to expanding as a property specialty,” said Jody Thornton (lower right photo), executive managing director in HFF’s Dallas office.

Contacts:   

                  

JOE B. THORNTON                                             

HFF Executive Managing Director                 

(214) 265-0880                                                   

jthornton@hfflp.com                                        

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500                                      

krmurphy@hfflp.com

                                        

Marcus & Millichap Arranges Sale of Dale Mabry Palms Apartments in Tampa, Fl

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dale Mabry Palms Apartments (top left photo), a 40-unit apartment property located in Tampa, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $2,000,000.

Casey Babb (middle right photo), CCIM, a senior multifamily specialist, and Luis Baez (middle left photo), multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer.  The buyer, a private investor, was also secured and represented by Babb and Baez.

Dale Mabry Palms Apartments is a 40-unit, “Class B”, garden apartment community built in 1987 and located at 5901 South Dale Mabry Highway.  The property recently underwent over $1 million of rehab which included all new interiors, exteriors and common areas. 

Apartments are housed in 10 two-story, concrete block buildings with newly painted stucco exteriors and pitched shingle roofs.

“In the under 50-unit apartment market in Tampa, this transaction is among the first of what we think will be a wave of property trades for previously distressed properties that were bought between 2008 and 2010, repositioned and resold” comments Babb.

 “In the case of Dale Mabry Palms, the property was bought out of receivership when it was 100 percent vacant and boarded up. 

“The property then received a nearly $1 million cash infusion before restabilizing in late 2011.  The incoming buyer achieved a 9.8 percent cap rate on 82.5 percent physical occupancy and the seller made a 25 percent profit over and above his capital invested” adds Babb.

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

Florida Ranked First in 2011 Home Sales to Its Northern Neighbor

SARASOTA, FL /PRNewswire/ -- The strength of the Canadian dollar, sustained by lower pricing in the US housing market, and perceptions regarding the general economic US outlook, continue to prod Canadians to purchase a home in the Sunbelt states.

According to the National Association of Realtors (NAR) 2011 Profile of International Buying Activity, Florida and Arizona remain viewed among top choices because of their favorable winter climate.

In fact, 58 percent of all international sales in 2011 came from just four states: Florida at 31 percent, followed by California at a distant 12 percent, Texas accounted for nine percent and Arizona at six percent.

Even for international buyers it's location, location, location. Forty-three percent of those surveyed report a favorable location as their clients' most important factor when choosing where to purchase.

That was followed by 27 percent who stated their clients' top reason to buy in the US was that they view US real estate as a profitable investment. Canadians specifically purchase due to a perceived positive return on their investment.

 They also showed a strong desire for a lakefront recreational location. In fact, eight percent of Florida re-sales were to Canadians in 2010. Similar culture, closeness to their native homeland, and lack of a communication barrier are also factors steering Canucks to the lower 48.

The NAR profile also showed that in the 12 month period ending March of 2011, Canadians accounted for 23 percent of all foreign buyers - the largest of any country.

In a 2010 article, Canada's largest daily newspaper The Globe and Mail reported that a vast majority of Canadians were paying cash for their purchase. That may have been due in part to the somewhat cumbersome U.S. mortgage process.

"There are few lenders who have a mortgage process tailored for Canadians looking to purchase a home in the U.S.," said Sheila Blom (top right photo), Florida Mortgage Market Manager for M&I, a part of BMO Financial Group.

"Our parent company is based in Toronto, so naturally we have relationship products specifically designed to meet the needs of Canadian customers for purchasing or refinancing their primary residence, second home or investment property in the U.S."

When all is said and done, it appears that our northern neighbors are anxious to do whatever it takes to own a piece of the American dream - and that's all good news for our housing market.

Contact:

Carey Allen of M&I, a part of BMO Financial Group,

 +1-480-558-6383,

carey.allen@micorp.com

Brookfield Real Estate Services Inc. reports fourth quarter and annual 2011 results and monthly dividend

TORONTO, CANADA /PRNewswire/ - Brookfield Real Estate Services Inc.

(the Company) (TSX: BRE), a leading provider of services to residential real estate brokers and their REALTORS®¹, announced that cash

flow from operations ("CFFO") for the three and twelve months ended December 31, 2011 was $5.4 million and $25.3 million, respectively, as compared to $5.0 million and $25.2 million, respectively, for the same

period in 2010.

For a complete copy of the company’s news release and statistics, please contact:

Tammy Gilmer

Director, Public Relations & National Communications

Brookfield Real Estate Services Inc.

tgilmer@brookfieldres.com

Tel: 416.510.5783

Colliers International Central Florida Closes Auto Dealership Sale for $2.17 Million

ORLANDO, FL (March 15, 2012) – In an unusual case where an auto dealership property was purchased for its existing use, Colliers International Central Florida recently closed the sale of 53,662 square feet of enclosed space and 8,536 square feet of open covered space on 10.96 acres for $2,172,205.

Expanding Evolution Auto will move into the property at 2925 N Hwy 17-92 in Longwood, Fla., which was formerly occupied by David Maus Toyota.

Director Bill Parke (middle right photo), SIOR of Colliers International Central Florida represented the seller, FLTVT Dealership Property LLC, which owns numerous auto dealerships in Central Florida and nationally.

Director Sher Tolan (middle left photo) of Southern Commercial Real Estate represented the buyer, Ramy Properties.

The property includes four buildings, designed for showroom/office, service parts, body shop and used car office. The lighted parking lot can accommodate approximately 500 vehicles, and the property has excellent visibility and direct access from US 17-92.

 David Maus Toyota, which previously occupied the Longwood property, moved to a larger site on Rinehart Road in Sanford.

 “Finding a buyer for a vacant auto dealership in these challenging times is difficult because there are fewer auto dealers today than there were, say, four years ago,” said Parke. “It worked out well here that Evolution Auto was looking to expand and was interested in the property.”

 

“This location is a great fit for Evolution Auto,” said Sameer Asfoor (lower right photo), president of Evolution Auto. “We have great frontage on the road and find the area’s high density appealing. It allows us the long-term sustainability that we need to support our expansion plans.”

 Contact:

Noelle Anderson, APR

Principal & President

True Blue Communications

813.380.0314

Noelle@truebluetampa.com

 Evolution Auto’s long-term plans include creating a service center to recondition incoming inventory before it is sent out to satellite locations for retail sale, setting up a dedicated auction area for non-retail units, and opening a café with offerings beyond most auto dealerships’ typical coffee or sandwich bars.

 MIAMI, FL – HFF announced today that it has been named to market for sale a portfolio of three grocery-anchored retail centers totaling 276,143 square feet in suburban communities of Houston, TX,  Columbia, SC and Tallahassee, FL. 

 The properties are: Kleinwood Center, Murray Landing and Vineyard Shopping Center. HFF is marketing the portfolio exclusively on behalf of the seller.   

Individual property details are listed below:

Kleinwood Center (top left photo),  built 2003, 148,964 SF, 89.3% occupancy, anchor, HEB, Spring, TX

Murray Landing (lower right photo), 2003, 64,359 SF, 100%, Publix, Irmo, SC.          

              

Vineyard Shopping Center, 2002, 62,821 SF, 84.7%, Publix,Tallahassee, FL     

 According to HFF, “the scarcity of HEB and Publix offerings, coupled with desirable anchor lease term and strong sales performance, presents a rare and unparalleled opportunity to acquire three high-quality grocery-anchored centers in a single transaction.”

 Contact:

Kristen M. Murphy,

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Urgo Hotels Adds Luxury Lake Placid, NY Resort to Managed Portfolio

  

BETHESDA, MD, Mar. 15, 2012—Urgo Hotels, a major operator, developer and owner of upscale and luxury hotels, today announced that it signed a long-term management agreement and now operates the Whiteface Lodge Resort  (top left photo) and Homeowner’s Association, a AAA four-diamond resort located in Lake Placid, N.Y. 

The resort brings to more than 30 hotels operated or owned by Urgo Hotels.

“Whiteface Lodge is a very special, award-winning resort that recreates a 21st century update to the great lodges of the Adirondacks,” said Kevin Urgo (middle right photo), principal and chief development and finance officer of Urgo Hotels.

 “We are particularly well-suited for this assignment because one of our key strengths is managing complex, one-of-a-kind resort properties and operating them to achieve their full market potential. 

“We look forward to working closely with the resort owner and the Homeowners Association Board to capitalize on Whiteface Lodge’s legacy of providing an authentic experience, renowned service and superior facilities and amenities.” 

Whiteface Lodge Resort offers 94 one-to-four bedroom suites along with a private residence club. 

The property features a 5,800 square-foot spa with six treatment rooms and a fully-equipped fitness center. 

The resort is ranked among the top US spa hotels by Conde Nast Traveller and also has been recognized for excellence by Travel+Leisure and Wine Spectator. 

Trip Advisor and Conde Nast readers also recommend the resort, which includes an indoor/outdoor swimming pool, an ice skating rink, 54-seat movie theater, bowling lanes, tennis courts, snowshoe/cross country trails and a private beach and canoe club.  The resort complex also has fractional and full-ownership units. 

‘’We believe there is a great opportunity for continuous improvement at the Whiteface Lodge,” said Serge Primeau (middle left photo), Urgo’s vice president of operations. 

 “We are committed to maintaining and enhancing the level of service while improving top-line performance and financial results. 

"We also are sensitive to the partnership with the fractional unit owners and have already started putting together programs that will enhance communications and make the Whiteface Lodge a memorable place to enjoy with their families.’’  

 Additional information about the company may be found at www.urgohotels.com.

  

 Contact:   

Jerry Daly or Chris Daly

(703) 435-6293

 Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Eagle Creek Golf Club to Host British American Chamber Golf Tournament to Benefit 'Dream Flight' Trip to Orlando, FL

ORLANDO, FL --- Eagle Creek Golf Club (top left photo) in East Orlando, a Celebration Golf Management course, will host more than 100 players for the annual British American Chamber of Commerce Tournament Friday, April 27, starting at 8:30 a.m. 

Gene Garrote (middle right photo), president of Celebration Golf Management, said the tournament will benefit Dream Flight, which treats seriously ill and disabled British children to the holiday of a lifetime at Orlando-area attractions.

“This is such a worthy cause that it draws players from all over,” Garrote explained, “We are pleased and honored to host the tournament this year,” he said.

Central Florida golfers interested in entering the tournament should contact The British American Chamber of Commerce (BACC) at 407-226-7251 or www.britishamericanchamberorlando.com.

For more information, contact

 Dorothy Benson, Sales and Marketing Manager, Celebration Golf Management 507-566.1045 ext 4613,  dbenson@cgmgolfproperties.com

 Scott Schmidtberger, Director of Golf, Eagle Creek Golf Club 407 273-4653; sschmidtberger@cgmgolflproperties.com

 Gene Garrote, President, Celebration Golf Management, 407-566-1045; ggarrote@cgmgolfproperties.com

 Larry Vershel, Larry Vershel Communications 407 644-4142 or

407 461-3780 Lvershelco@aol.com

NAI Realvest A Major Winner At Annual NAIOP Awards

 MAITLAND, FL --- NAI Realvest was a major winner at the recent annual awards program of the Central Florida chapter of NAIOP, including a clean sweep of awards for the area’s top land brokers.

NAI Realvest Associate Chris Butera (top right photo) took first place as the region’s top land broker.  Principals Matt Cichocki (middle left photo) and Kevin O’Connor (lower right photo) shared second place and Managing Director Paul Partyka earned a third place award in the same category.

Cichocki and O’Connor also shared a third place award as the region’s top retail brokers for 2011.

For more information, contact

Patrick Mahoney, President NAI Realvest, 407-875-9989 Pmahoney@realvest.com;

Beth Payan or Larry Vershel, Larry Vershel Communications,

407-644-4142    

Lvershelco@aol.com

Foreclosure Activity Up in Half of Nation’s Largest Metros in February, According to RealtyTrac®

IRVINE, CA. – March 15, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for February 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 206,900 U.S. properties in February.

That was a 2 percent decrease from the previous month and was down 8 percent from February 2011 — the lowest annual decrease since October 2010. The report also shows one in every 637 U.S. housing units with a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore (top right photo), CEO of RealtyTrac.

“Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued.

 “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

For a complete copy of the company’s news release and statistics, please contact:

Media Contacts:

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Order Custom Data:

Tyler White

949.502.8300, ext. 158

tyler.white@realtytrac.com